HomeMy WebLinkAboutDept. of Natural Resources DEPARTMENT OF NATURAL RESOURCES
AND CONSERVATION
4----1- p 1625 ELEVENTH AVENUE
v �� BRIAN SCHWEITZER, GOVERNOR
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F/ PO BOX 201601
d *� D IRECTOR 'S OFFICE (406) 444-2074 HELENA, MONTANA 59620 -1601
" rm�ae dy TELEFAX NUMBER (406) 444 -2654
LETTER OF APPROVAL FOR DRINKING WATER REVOLVING FUND LOAN PROGRAM IN LIEU OF
COMMITMENT AGREEMENT D
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September 252010 SEP " 2010
Li City of Laurel
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Dear Bill Sheridan:
The State of Montana, through its Drinking Water State Revolving Fund Pro: ,1 - ••: s been
approved by the Environmental Protection Agency (the EPA) to make loans for drinking water projects.
The purpose of this letter is to formally apprise you that the State has approved a loan to
the City of Laurel in the amount of _$376,000, which loan will be represented and secured by a
Bond in the amount of $376,000. Loan .A will be for $188,000 and be forgiven upon completion
of the program requirements. Loan B will be for $188,000 for a term of 20 years at an interest
rate of 3.75% per annum. This is approved upon the condition the additional documentation
I requested and security is provided by the City.
The Bonds shall be issued pursuant to a Bond Resolution adopted by the city in substantially the
form of the Bond Resolution used by the city's Bond Counsel in previous revolving fund loans, subject to
appropriate references and changes for any currently outstanding Bonds.
The city has notified DNRC of its desired closing date, on or before October 30, 2010, on the
loan and DNRC will work with the city and its Bond Counsel to have the loan properly closed.
Please do not hesitate to call if there ar:- any questions or comments.
Very my Yours,
• . I• a M. Miller
Financial Advisor
! Conservation and Resource Development Bureau
II
cc: Mark Smith — DEQ w/ Michele Marsh — DEQ w/
Laurel V -A $188,000 WRF file w/ Debbie Kuykendall — US Bank w/
Janice Yearry — DNRC w/o Dan Semmens — D &W w/
Laurel V -B $188,000 WRF w/ Shirley Ewan — Clerk
CENTRALIZED SERVICES CONSERVATION & RESOURCE RESERVED WATER RIGHTS OIL & GAS TRUST LAND MANAGEMENT
ISION DIVISION COMPACT COMMISSION DIVISION DIVISION
-2074 (406) 444 -6667 (406) 444 -6841 (406) 444-6675 (406) 444-2074
G: ICARDISRF -WRF Loans\WRF- Approval LtrlApproval Ltr Laurel Ph V.doc